Sarawak January JTS Update
17/02/2023 13:48
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RNS Number : 3355Q Upland Resources Limited 17 February 2023
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17 February 2023
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Sarawak January JTS Update
Upland Resources Limited (LSE: UPL) is pleased to announce the January
workflow update on the SK334 Joint Technical Study ('JTS') activity in
Sarawak, Malaysia.
It is the belief of the Upland Board of directors that the Company is
unequally positioned in the region and that time and resources spent in adding
value to the Sarawak SK334 JTS workstream have potential to generate
significant returns for shareholders.
Investors may also view details related to the Sarawak SK334 JTS workstream in
the form of a Monthly Progress Report at the following link shortly:
https://uplandres.com/presentations/ (https://uplandres.com/presentations/)
In relation to this report, the Company notes the following highlights:
· Conclusion of a market survey & screening exercise for seismic
data processing on 25th January 2023.
Geological Study:
· Ongoing regional and local geology analyses incorporating Bruneian
and Malaysian areas.
· Submitted Geological Fieldwork Plan to PETROS. The Plan was accepted
and agreed by PETROS.
· Geological fieldwork planned to be conducted on 16 - 24 February
2023.
Geophysical Study:
· Seismic interpretation works ongoing: 4 regional horizons completed.
Fault interpretation and detailing ongoing.
· Data preparation and integration for FTG evaluation on structural
styles, major & minor fault lineaments mainly in areas void of seismic.
Full Tensor Gradient (FTG) Study:
· Completed 'inversion' work prior to data modelling work.
The Company notes within Block SK334 a number of areas of specific interest
with analogous geological configuration and reservoir/trap/seal combinations
as Brunei's nearby Belait formation which is host to a number of proven oil
and gas discoveries and oilfields. All parts of the Belait structure connect
with potential oil kitchens on both flanks in the Badas and Belait synclines;
Upland's SK344 block being immediately adjacent to the Belait syncline is
determined to have extremely attractive prospectivity.
Investor Webinar
The Company also expect to advise of a planned investor webinar focusing upon
Sarawak shortly.
Tunisia
The Company has received confirmation that an application by its subsidiary to
extend the Saouaf Permit until 23 December 2023 was not approved. This was not
unexpected.
Bolhassan Di, Upland Chairman and CEO commented:
"Another solid month of progress from our joint technical team on in Sarawak
on Block SK334 and we look forward to shortlisting candidates for the seismic
reprocessing and beginning work on data modelling as part of the ongoing FTG
study; also the completion of fieldwork this month. Activities are certainly
gathering pace and I would like to extend my thanks to all the wider technical
team.
Additionally, we were also very pleased with the recent positive CPR on our UK
North Sea P2478 Dunrobin Prospect and are supporting our Joint Venture
partners there on the farm-out process.
Our primary focus is now south-east Asia in Sarawak where Block SK334 in
Sarawak offers us transformational potential and where we have been making
excellent process on the Joint Technical Study with Petros. We look forward to
continuing to update shareholders as we continue to build momentum on the JTS
and hope to announce a Sarawak focused investor call shortly."
**ENDS**
For further information, please contact:
Upland Resources Limited Tel: +60 198 861 919
Bolhassan Di, Chairman and CEO bolhassan@uplandres.com (mailto:bolhassan@uplandres.com)
bolhassan@uplandbigoil.com.my (mailto:bolhassan@uplandbigoil.com.my)
www.uplandres.com (http://www.uplandres.com/)
Optiva Securities - Broker Tel: +44 (0)20 3137 1903
christian.dennis@optivasecurities.com
Christian Dennis (mailto:christian.dennis@optivasecurities.com)
(Corporate Broker)
www.optivasecurities.com (http://www.optivasecurities.com/)
Flowcomms - IR Contact Tel: +44 (0)7891 677441
Sasha Sethi sasha@flowcomms.com (mailto:sasha@flowcomms.com)
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